$980,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $980,000 mortgage at 6.50% over 30 years costs about $6,194 a month in principal and interest, and $1,249,937 in interest over the life of the loan.
Early payments are mostly interest: in the first year only a small slice of each instalment reduces the balance. That is why a shorter term saves so much — the rate is similar, but the interest has far less time to compound.
Choosing a term
- $6,194 a month on a 30-year term, with $1,249,937 of interest paid in total.
- $7,307 a month on a 20-year term, with $773,589 of interest paid in total.
- $8,537 a month on a 15-year term, with $556,633 of interest paid in total.
- Property tax, homeowners insurance, PMI and HOA dues are not included — a common reason a real payment lands 20-30% above the figure shown here.
Monthly Payment by Rate & Term
| Interest Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5% | $5,261 | $6,468 | $7,750 |
| 5.5% | $5,564 | $6,741 | $8,007 |
| 6% | $5,876 | $7,021 | $8,270 |
| 6.5% | $6,194 | $7,307 | $8,537 |
| 7% | $6,520 | $7,598 | $8,809 |
| 7.5% | $6,852 | $7,895 | $9,085 |
| 8% | $7,191 | $8,197 | $9,365 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $980,000 |
|---|---|
| Monthly Principal & Interest | $6,194 |
| Total Interest (30 yr) | $1,249,937 |
| Total of Payments | $2,229,937 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $886 | $5,308 | $979,114 |
| 2 | $891 | $5,304 | $978,223 |
| 3 | $896 | $5,299 | $977,328 |
| 4 | $900 | $5,294 | $976,427 |
| 5 | $905 | $5,289 | $975,522 |
| 6 | $910 | $5,284 | $974,612 |
| 7 | $915 | $5,279 | $973,697 |
| 8 | $920 | $5,274 | $972,777 |
| 9 | $925 | $5,269 | $971,852 |
| 10 | $930 | $5,264 | $970,922 |
| 11 | $935 | $5,259 | $969,986 |
| 12 | $940 | $5,254 | $969,046 |
Early payments are mostly interest; principal builds over time.
Last reviewed: November 2026
Data sources: Standard mortgage amortization formula; Principal & interest only — excludes taxes, insurance, PMI, HOA.
Disclaimer: Payment estimates are for principal and interest at the rates shown. Your actual payment depends on your rate, taxes, insurance and fees. Not financial advice.